Average revenue volumes converted to mboe/d (thousands of barrels of oil equivalent per day) from million cubic feet per day ("MMcf/d") at 6:1 ratio.

(4)

Refer to "Non-GAAP Measures."

Highlights

Realized record revenue volumes for the second consecutive quarter; Conventional Pipelines also reached record volumes with an average of 670 mbpd;

Safely placed over $740 million assets into service, including $226 million in the first quarter of 2016 and an estimated$515 million subsequent to quarter end relating to RFS II, Musreau III and the Resthaven Expansion (as defined below);

Achieved Adjusted EBITDA of $269 million, 12 percent or $28 million higher than the first quarter of 2015;

Cash flow from operating activities increased by 126 percent to $271 million ($0.72 per common share-basic) as compared to the first quarter of 2015;

Increased the monthly dividend by 4.9 percent from $0.1525 per common share per month (or $1.83 annually) to $0.16per common share per month (or $1.92 annually), effective for the dividend payable on May 13, 2016;

Raised $765 million including $170 million through a preferred share issuance, $345 million through a common share issuance and, subsequent to quarter end, an additional $250 million through a preferred share issuance; and